Page 2 - Energy Policy

Fall in commodity, energy prices fuels India Inc's Q2FY24 earnings

Analysts say gains from margin expansion have peaked for now

Exxon to buy Pioneer Natural in $60 bn deal with energy prices surging

Exxon Mobil is buying Pioneer Natural Resources in an all-stock deal valued at USD 59.5 billion, its largest buyout since acquiring Mobil two decades ago, creating a colossal fracking operator in West Texas. The transaction's value, including debt, is about USD 64.5 billion. Pioneer shareholders will receive 2.3234 shares of Exxon Mobil for each Pioneer share they own. Exxon purchased XTO Energy in 2009 for approximately USD 36 billion. In the late 1990s, the merger between Exxon and Mobil totalled more than USD 80 billion. The deal with Pioneer Natural gives Exxon Mobil more access to the Permian basin, which runs through parts of Texas and New Mexico. Exxon has been flush with cash. The company posted record annual profits in 2022, bringing in USD 55.7 billion in annual profits, exceeding its previous record of USD 45.22 billion in 2008. Exxon has been using some of that cash on acquisitions. In July the company announced that it was buying pipeline operator Denbury in an all-s

India has firmly become centre of global energy affairs: IEA chief Birol

Birol highlighted that aligning with India's initiative could significantly expedite global climate goals while delivering economic benefits

OTPC inks pact to develop 250 MW battery energy storage system in Assam

ONGC Tripura Power Company Ltd (OTPC) has signed a pact to develop battery energy storage project in Assam at an investment of Rs 2,000 crore, the firm said in a statement. The memorandum of understanding (MoU) was signed with Assam Power Distribution Company Limited (APDCL) at Guwahati "to develop battery energy storage system project of capacity up to 250 MW / 500 MWh in phased manner in Assam by incorporating a joint venture company," it said. "An investment of Rs 2,000 crore will be made in the state for developing the project," the statement added without giving a time frame. OTPC is a joint venture of Oil and Natural Gas Corporation (ONGC), gas utility GAIL (India) Ltd, Government of Tripura and India Infrastructure Fund-II. It owns and operates a 726 MW gas based power plant which caters to 25 per cent of energy demand of all seven north-eastern states. Highlighting the benefits of the project, OTPC managing director Sanil C Namboodiripad said that the project will help the

Energy crisis sparked by Ukraine war to speed up green transition: IEA

The IEA's report said the global energy crisis is causing profound and long-lasting changes that could hasten the transition to a more sustainable and secure energy system

EU ministers discuss joint gas purchases, electricity market reform

EU energy ministers held an informal meeting here to discuss solutions for high gas prices, preparing for the energy situation this winter, and a possible revision of the electricity market

Global race to hike interest rates tilts economies towards recession

BofA sees UK and euro area falling into recession in the fourth quarter as surging energy costs take their toll on economies this winter

US Treasury official concludes India visit with discussions on Ukraine

: A US treasury official has concluded his visit to India that included meetings among others with Union Finance Minister Nirmala Sitharaman, with discussions on issues like energy prices and Ukraine. On August 26, Deputy Treasury Secretary Wally Adeyemo met with government officials in New Delhi, including Sitharaman, Principal Secretary to the Prime Minister PK Mishra, Ministry of Finance Secretary Ajay Seth, Ministry of External Affairs Secretary Vijay Kwatra, and Ministry of Petroleum and Natural Gas Secretary Pankaj Jain. During the meeting, Adeyemo discussed ways that the United States and India could work together to address shared global challenges like food insecurity and high energy prices. He raised that ending Russia's invasion of Ukraine was critical to addressing these issues, the Treasury said in a readout of the meetings. Adeyemo also shared with counterparts the United States' views on ways to put downward pressure on energy prices for consumers and businesses in .

Export curbs, higher energy prices may spike trade deficit further in FY23

Revenues from the export of industrial metals would also take a hit from a decline in metal prices

Russia-Ukraine crisis underscores lack of integrated energy policy in India

If India has to partially insulate itself, then oil companies must be given leeway to manage oil price risks

Trading on a buffer: Can India afford to commercialise its fuel reserves?

India's decision to commercialise half its strategic petroleum reserves could jeopardise its energy security

At least 43 US legislators complain to Trump on Mexico energy policy

Six US senators and 37 representatives wrote this week to President Donald Trump complaining about "actions by the government of Mexico that threaten US energy companies'' investment and market access

Best of BS opinion: PSB reforms, India's energy policy, and more

When India loses respect in the comity of nations, it is because of a transient loss of the liberal spirit, Uddalok Bhattacharya sums up